Richmond, British Columbia-based VRB Power Systems Inc., an energy storage technology developer, has been unsuccessful in its efforts to seek offers for the merger, sale, refinancing or other strategic alternative for the company. It has decided that it will not proceed with its previously announced rights offering.
As a result, VRB has substantially curtailed its manufacturing, research and development operations and has laid off or given notice of termination to most of its employees. Given its current financial and operational status, the company has ceased accepting new orders.
In order to meet its liabilities, VRB intends to dispose of its remaining inventory and other redundant assets. The company intends to continue to seek offers for the possible sale or license of its core technology and patents or the reactivation of the its commercialization efforts.
In the event that VRB is unable to make adequate arrangements to discharge its outstanding liabilities, it may need to consider seeking other remedies under applicable corporate or insolvency legislation.
SOURCE: VRB Power